There are various reasons you may want to open an Escrow account whether you're required to for certain rental or mortgage payment reasons, or maybe because you have a major project you're planning to hire a contractor for and you want to be sure the work is completed properly. Sometimes you need a fairly large-sized down payment to put in the Escrow account and aren't sure where to get the money from. If that's the case, you may need to look for a short-term favorable loan that can give you some cash without too much hassle. If you live in the Milwaukee area, vehicle title loans in West Allis, WI might be able to help you.
Vehicle title loans are money that is borrowed against your car, truck, motorcycle or RV and repaid by the end of the term. Since they are secured loans and the vehicle used as collateral is yours, you have the freedom to use the cash from them for any purpose at all including placing it in an Escrow account. But in order to use vehicle title loans in West Allis, WI, you have to make sure you are in compliance with Wisconsin title loan laws which stipulate the following for borrowers:
While Wisconsin law actually doesn't specifically require the borrower to have a steady source of income or collision insurance, the lender may require you to. The lender also will usually require an inspection on the vehicle to make sure it runs just fine and matches the loan amount you want.
Perhaps as you found out about car title loans, you also came across payday loans or pawn shop loans. Payday loans can be handy if you're looking for a short-term loan that requires no collateral and can be instantly deposited in your bank account, but they usually have much lower borrowing limits and much shorter payment deadlines than vehicle title loans in West Allis, WI. Pawn shop loans are probably most similar to vehicle title loans because they also use personal property as collateral and give you about the same timeframe to repay them. The disadvantage is unless you have very valuable items to pawn, you'll have a very limited amount you can borrow, and the pawn shop will hold your items until you've repaid your loan in full.
What's great about Milwaukee title loans is that the lender only needs to hold the vehicle title document and put a lien on it to give you your funds. That means you can keep driving your vehicle as you're using and then repaying your title loan. Wisconsin law allows you to borrow up to $25,000 for vehicle title loans in West Allis, but generally you'll be limited by the borrower to getting up to about 25℅ of the vehicle's value, sometimes 50℅. Most title loans will average at about $2,000.
You can complete our online title loan application which will provide lenders information about your vehicle, but you'll still need to bring it to the agency store. You should also make sure you have the following documents with you before you go:
You may need to provide documents that show your income and vehicle insurance as well, so you may want to call ahead first to be sure you have all documents.